Metro Vancouver's industrial properties vacancy rate increased to 2.5% in the fourth quarter compared with 1.5% in the same period last year.
Most of the increases were attributed to new supply in Burnaby, Richmond and Langley, along with continued challenges in obtaining financing because of the global credit crisis.
Langley's vacancy rate jumped to 6.1% from 3.1% because of an increase in new industrial supply. Meanwhile, Richmond's vacancy rate inched up to 1.7% from 1.2% due in large part to Chrysler's closure of its 120,000-square-foot parts distribution centre in December.
Burnaby's vacancy rate rose after the completion of two industrial sites in southern area of the municipality, which added 128,000 square feet of available industrial space.
Vancouver's vacancy rate increased slightly to 1.5% from 1.2% due to vacancies of small bay units.
Only North Vancouver (to 1% from 1.8%) and Surrey (to 2% from 2.5%) recorded significant fourth-quarter declines in industrial land vacancy rates.